Things to know before making first purchase

[Khory Minor]

A partner and I are about to start really aggressively searching for our both investment property. We have a private lender who will be providing the down payment on a traditional mortgage. Was just wondering if anyone had any suggestions of some things to keep in mind while searching for a good deal as well as using the private lender.

[Jerry Padilla]

@Khory Minor

Unfortunately borrowed or gifted funds are not allowed when purchasing investment properties with conventional financing.

You will have to either partner with this person or go the commercial route that doesn’t have as strict of guidelines on financing the down payment.

[Khory Minor]

@Jerry Padilla Thanks for that

[Jonathan W.]

@Jerry Padilla

That would be for only freddie or fannie loans. Go with a local bank and you dont run into this issue.